Scott’s Addition property to be renovated for commercial tenants

The industrial property at 1600 Altamont Ave. was purchased for just over $800,000. (Michael Thompson)

The industrial property at 1600 Altamont Ave. was purchased for just over $800,000. (Michael Thompson)

RICHMOND, Va. — A real estate exec whose company entered the Richmond market last year has grabbed a piece of the city’s hottest neighborhood.

Philip King of Baker Properties, along with his wife, Patricia, this month purchased the industrial property at 1600 Altamont Ave. in Scott’s Addition for $805,000. The Kings bought the 6,000-square-foot building through Boo Crunch LLC and plan to renovate it for commercial tenants.

King, a recent transplant from Connecticut, said the deal for the Altamont property is separate from the business of Baker Properties, the New York real estate company that last year snatched up a portfolio of local office buildings, and of which King is president.

Baker Properties has a local office in Henrico, and the Kings hang their hats in the Fan.

King’s duties with Baker Properties often bring him to Scott’s Addition to work with local contractors, and in August he walked by 1600 Altamont Ave. and saw a “For Sale by Owner” sign in the window.

After calling the number on the sign, he eventually closed on a deal with seller Tommy Harris, the owner of the now-closed Superior Diesel Service, which previously operated in the building. The company dates back to 1977 and specialized in diesel fuel injection systems.

King said Harris built the Altamont building in 2004.

Continue reading about King’s plans, on RichmondBizSense.com.